Top reasons for Kilburn lease extension

Top reasons for lease extension now:

A Kilburn leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Kilburn you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Kilburn with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Lenders are really clamping down as regards to homes in Kilburn with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

Get in touch with one of our Kilburn lease extension solicitors or enfranchisement solicitors

Lease extensions in Kilburn can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Kilburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kilburn Lease Extension Example Cases:

Joshua, Kilburn, North London,

Joshua was the the leasehold proprietor of a high value apartment in Kilburn on the market with a lease of a few days over 59 years unexpired. Joshua on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Kilburn case:

Last Spring we were phoned by Dr Danielle Taylor , who purchased a studio apartment in Kilburn in August 2004. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative homes in Kilburn with 100 year plus lease were worth £270,000. The average ground rent payable was £65 billed monthly. The lease concluded in 2094. Considering the 68 years unexpired we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.